Transcript

/H\HQGD�TXH�GHVFULEH�XQD�LPD�JHQ�R�XQ�JUiILFR�%ROHWtQ�(OHFWUyQLFR 1����

$xR�9�² 0DU]R�GH�����,661�����������

(O�6LWLR

%ROHWtQ�0DU]R������� 1~PHUR����� ,QVWLWXWR�8UXJXD\R�GH�1XPLVPiWLFD3iJLQD�� GH���

&RPLVLyQ�'LUHFWLYD���������

3UHVLGHQWH'DQLHO�3DGXOD

9LFHSUHVLGHQWH&DUORV�'HDPEURVLV

6HFUHWDULRV6HUJLR�3LFFD

'LHJR�$UWLJDOiV

7HVRUHUR1LFROiV�6DQWHULQL

%LEOLRWHFDULR6DOYLR�6iQFKH]

9RFDOHV/XLV�/DXFR

-XDQ�-RVp�5RPD\&DUORV 5XFNV

&RPLVLyQ�)LVFDO+XJR�0DQFHER/XLV�*DUFtD�7URLVH*XVWDYR�3LJXULQD

,QVWLWXWR�8UXJXD\R�GH�1XPLVPiWLFD

(',725,$/3DODEUDV�GHO�SUHVLGHQWH ������������������������������������������������������������������������3iJLQD���

,1)250$&,21-RUQDGDV�8UXJXD\DV�GH�1XPLVPiWLFD�������������������������������������������3iJLQD���

'HVWDFDGDV�PRQHGDV�XUXJXD\DV�VH�VXEDVWDURQ�HQ�HQHUR�HQ+HULWDJH�$XFWLRQV FRQ�GLVtPLOHV�UHVXOWDGRV� �����������������������������3iJLQD���

$57Ì&8/26�180,60É7,&26´,GHQWLILFDFLyQ�GH�OD�OHWUD�PRQHWDULD�¶+·�GH�ODV�PRQHGDV�GH�FREUH

GH�����µ�*XVWDYR�2��3LJXULQD� ����������������������������������������������������������������3iJLQD���

´/DV�ILFKDV��XUXJXD\DV��GHO�3DUTXH�0XQLFKµ�+RUDFLR�0RUHUR�)HUUHUR� ����������������������������������������������������������3iJLQD���

´/D�PRQHGD�FLUFXODQWH�HQ�OD�%DQGD�2ULHQWDO�\�HO�DQDWHPD�GHO9LFDULR�%DUUDOHVµ�3HGUR�'DPLiQ�&DQR�%RUUHJR� �����������������������������������������������3iJLQD���

127,&,$6'HVSHGLGD�GH������ �������������������������������������������������������������������������������3iJLQD��

ÌQGLFH�\�IRWR�GH�WDSD

'LUHFFLyQ�$TXLOHV�/DQ]D������2I����0RQWHYLGHR��8UXJXD\

7HOpIRQR�����������

(PDLO�LXQXUXJXD\#JPDLO�FRP

6LWLR�ZHE�ZZZ�LXQX\�RUJ)DFHERRN�,81�8<

+RUDULR�GH�6HGH��0LpUFROHV�\�9LHUQHVGH���D����KRUDV

ÌQGLFH

(O� ,QVWLWXWR�8UXJXD\R�GH�1XPLVPiWLFD�QR� VH� UHVSRQVDELOL]D�SRU� ODV� RSLQLRQHV� YHUWLGDV�SRU�VXV�FRODERUDGRUHV�HQ�VXV�WUDEDMRV��/D�UHSURGXFFLyQ�WRWDO�R�SDUFLDO�GH�HVWD�SXEOL�FDFLyQ�� LQGLFDQGR�OD�IXHQWH�LQIRUPDWLYD��UHTXLHUH�DXWRUL]DFLyQ�SUHYLD�HVFULWD�GHO�,QVWL�WXWR�8UXJXD\R�GH�1XPLVPiWLFD�

&RQVHMR�(GLWRULDO�+RUDFLR�0RUHUR��(GLWRU�5HVSRQVDEOH�1LFROiV�6DQWHULQL

)RWRV�GH�WDSD3iJLQD� ��� GHO� FDWiORJR� HGLWDGR� SRU� OD� FDVD� DFXxDGRUD� ´7KH� 0LQW�� %LU�PLQJKDP�/LPLWHG��IRUPHUO\�5DOSK�+HDWRQ��6RQV�µ�(Q�XQD�FDUWD�TXH�VH�SXEOLFD�HQ�GLFKD�SiJLQD�VH�KDFH� UHIHUHQFLD�D� OD�DFXxDFLyQ�HQ�EURQFH�SDUD� ODV�5H�S~EOLFDV�GH�8UXJXD\��PRQHGDV�GH������FRQ OD�OHWUD�+��\�3DUDJXD\��PRQHGDV�GH�������� OR�TXH�GHPXHVWUD�TXH�HVDV�PRQHGDV�XUXJXD\DV�\�SDUDJXD\DV�IXH�URQ�IDEULFDGDV�SRU�OD�FHFD�GH�%LUPLQJKDP��OODPDGD�HQ�VXV�FRPLHQ]RV�+HDWRQ�PLQW��

%ROHWtQ�0DU]R������� 1~PHUR����� ,QVWLWXWR�8UXJXD\R�GH�1XPLVPiWLFD3iJLQD��� GH���

$UWtFXORV�1XPLVPiWLFRV

/D�PRQHGD�FLUFXODQWH�HQ�OD�%DQGD�2ULHQWDO�\�HO�DQDWHPD�GHO�9LFDULR�%DUUDOHV�

3HGUR�'DPLiQ�&DQR�%RUUHJR�

/D�&DUWD�GH�&HQVXUDV�*HQHUDOHV�HPLWLGD�HQ������SRU�-RVp�1LFROiV�%DUUDOHV�HV�XQ�GRFXPHQWR�H[FHS�FLRQDO�TXH�QRV�PXHVWUD�OD�SUHHPLQHQFLD�GHO�QXPHUDULR�DFXxDGR�HQ�3RWRVt�HQ�OD�FLUFXODFLyQ�PRQHWD�ULD�GHO�WHUULWRULR�GH�OD�%DQGD�2ULHQWDO���LQFOXVR�FRQ�DQWHULRULGDG�D�OD�FRQVWLWXFLyQ�GHO�9LUUHLQDWR�GHO�5tR�GH�OD�3ODWD��

3XHUWR�GH�0RQWHYLGHR�HQ�������VHJ~Q�$OSKRQVH�'·+DVWHO

/D�%DQGD�2ULHQWDO�IXH�GXUDQWH�VLJORV�XQ�WHUULWRULR�PDUJLQDO�GHQWUR�GH�ORV�5HLQRV�GH�ODV�,QGLDV�HVSDxR�ODV��1R�IXH�KDVWD�HO�VLJOR�;9,,�FXDQGR�OD�H[SORWDFLyQ�GHO�FXHUR�SURFHGHQWH�GHO�JDQDGR�LQWURGXFLGR�SRU�HO� UtR�8UXJXD\�\�GHO�JDQDGR�FLPDUUyQ�SURFHGHQWH�GH� ODV�0LVLRQHV�2ULHQWDOHV�DWDFDGDV�SRU� ORV�EDQGHLUDQWHV�SDXOLVWDV�SHUPLWLy�XQ�PRGHVWR�GHVDUUROOR�HFRQyPLFR���

(O�DxR������ORV�SRUWXJXHVHV�OHYDQWDURQ�OD�&RORQLD�GH�6DFUDPHQWR�HQ�HO�WHUULWRULR��HQIUHQWH�GH�%XHQRV�$LUHV��XQD�FLXGDG�DLVODGD�TXH�YLYLy�GHO�FRQWUDEDQGR�SRUWXJXpV�H�LQJOpV��TXH�IXH�IXHQWH�GH�GLVSXWDV�HQWUH�ODV�FRURQDV�LEpULFDV�GXUDQWH�WRGD�OD�FHQWXULD�\�XQR�GH�ORV�SXQWRV�PiV�LPSRUWDQWHV�GH�VDFD�GH�PRQHGD�GH�ORV�WHUULWRULRV�KLVSiQLFRV��

(Q�HO�VLJOR�;9,,,�VH�WUDVODGy�D�WLHUUD�ILUPH�OD�UHGXFFLyQ�MHVXtWLFD�GH�ORV�LQGLRV�FKDQiV�TXH�IXQGDURQ�ORV�GRPLQLFRV�HQ������HQ�OD�LVOD�GH�9L]FDtQR��HQ�OD�FRQIOXHQFLD�GH�ORV�UtRV�8UXJXD\�\�1HJUR��&RQ�OD�FRQ�FHVLyQ�KHFKD�SRU�HO�7UDWDGR�GH�8WUHFKW�GH�������\�HO�SULYLOHJLR�GH�LQWURGXFFLyQ�GH�HVFODYRV�SDUD�OD�

� (VSDxRO��/LFHQFLDGR�HQ�'HUHFKR��'LSORPDGR�HQ�'LUHFFLyQ�$GPLQLVWUDWLYR�&RQWDEOH�\�'LSORPD�GH�(VWXGLRV�$YDQ]DGRV�HQ�(SLJUDItD�\�1XPLVPiWLFD�SRU�OD�8QLYHUVLGDG�&RPSOXWHQVH�GH�0DGULG��,QYHVWLJDGRU�QXPLVPiWLFR��HQ�OD�DFWXDOLGDG�UHDOL]D�HV�WXGLRV�GH�'RFWRUDGR�HQ�+LVWRULD�\�$UTXHRORJtD�HQ�HVD�PLVPD�8QLYHUVLGDG�� $57,*$6��-�*��\�6$/$�'(�728521��/���2EUD�VHOHFWD��&DUDFDV��������S��,;�\�VV�

%ROHWtQ�0DU]R������� 1~PHUR����� ,QVWLWXWR�8UXJXD\R�GH�1XPLVPiWLFD3iJLQD��� GH���

FRPSDxtD�EULWiQLFD� 6RXWK�� 6HD�� VH�HULJLHURQ�HQ�HO� WHUULWRULR� UDQFKHUtDV� GHO� DVLHQWR�� SDUD� VXUWLU� GH�FXHURV�D�OD�PLVPD��

(O�SDtV� VH�SREOy�FRQ� ODV�PLVPDV��HQ� ODV�TXH� ORV�SHRQHV� ²JDXFKRV��FHUFDEDQ�PLOHV�GH�FDEH]DV�GH�JDQDGR��ODV�GHVMDUUHWDEDQ�\�TXLWDEDQ�VXV�FXHURV��6H�DSURYHFKDEDQ�GH�HOORV�HO�FXHUR��HO�VHER�\�ORV�FXHUQRV��\�HQ�PXFKDV�RFDVLRQHV�OD�FDUQH�TXHGDED�SDUD�DOLPHQWDU�D�ORV�SHUURV�VDOYDMHV��3HUR�SRVWH�ULRUPHQWH� \�SDUD� XQ�PHMRU� DSURYHFKDPLHQWR�HFRQyPLFR� OD� FDUQH� VH� VHFDED�� VH�DFHFLQDED� \� VH�YHQGtD�HO�WDVDMR�R�FKDUTXH�D�ORV�SRUWXJXHVHV�SDUD�DOLPHQWDU�D�VXV�HVFODYRV��\�WDPELpQ�VH�UHPLWtD�D�&XED�\�D�RWUDV�iUHDV�GHO�&DULEH��(O�SULPHU�VHFDGHUR�VH�HULJLy�HQ�������SDUD�HO�DEDVWHFLPLHQWR�GH�OD�PDULQD�GH�JXHUUD��

/D�SREODFLyQ�GHO�WHUULWRULR�VH�FRPSRQtD�GH�DOJXQRV�PLOHV�GH�LQGLRV�FKDUU~DV��FKDQiV��PLQXDQHV��JXD�UDQtHV�\�GH�RWUDV�HWQLDV��\�GH�VX�PH]FOD�FRQ�HXURSHRV�VXUJLHURQ�ORV�JDXFKRV�R�JDXGHULRV��(VWD�SREOD�FLyQ�YLYtD�GHO�FRPHUFLR�FRQ�ORV�HVSDxROHV�\�FULROORV�\�GHO�FRQWUDEDQGR��TXH�OHV�VXPLQLVWUDED�WDEDFR��\HUED�PDWH�\�URSD��DXWpQWLFDV�PRQHGDV�GH�OD�WLHUUD�GH�OD�%DQGD�2ULHQWDO��&RPR�HQ�HO�FDVR�GH�RWURV�WHUULWRULRV�GHO�iUHD�GHO�3ODWD��KXER�QLYHOHV�GLIHUHQFLDGRV�HQ�OD�FLUFXODFLyQ�PRQHWDULD��WDQWR�HQ�OD�GH�PRQHGD�PHWiOLFD��GH�SODWD�IXHUWH�R�PDFXTXLQD��FRPR�HQ�HO�WUXHTXH�\�HO�XVR�GH�HVWDV�PRQHGDV�GH�OD�WLHUUD��SHVRV�KXHFRV�R�ELHQHV�GLQHUDULRV�SURSLRV�GH�OD�WLHUUD���

&RPR�DILUPD�(GXDUGR�6DJXLHU�HQ�WRGD�OD�UHJLyQ�OLWRUDOHxD��TXH�DEDUFDED�ORV�WHUULWRULRV�GH�0LVLRQHV��3DUDJXD\��&RUULHQWHV��6DQWD�)H��(QWUH�5tRV�\�OD�%DQGD�2ULHQWDO��ODV�HFRQRPtDV�DJUtFROD�JDQDGHUDV�VH�FRPSOHPHQWDEDQ�HQWUH� Vt�PHGLDQWH� IOXLGRV� LQWHUFDPELRV�FRPHUFLDOHV�HQ�PRQHGD�PHWiOLFD��HVSH�FLHV�PRQHWL]DGDV�R�PRQHGDV�GH� OD� WLHUUD�\�HQ�FLUFXODQWH�HVFULWXUDULR�R� LQVWUXPHQWRV�GH�FUpGLWR�� �(O�SURFHVR�GH�PRQHWL]DFLyQ�GH�OD�UHJLyQ�FRPHQ]y�FRQ�OD�'HPDUFDFLyQ�GH�ORV�/tPLWHV�FRQ�3RUWXJDO�GH�OD�GpFDGD�GH�������\�VLJXLy�FRQ�HO�HVWDEOHFLPLHQWR�GH�OD�)DFWRUtD�GH�7DEDFRV�HQ������\�FRQ�OD�IXQ�GDFLyQ�GH�ORV�)XHUWHV�GH�)URQWHUD�\�GH�ODV�IiEULFDV�GH�FDEOHV�\�DPDUUDV���

��UHDOHV�PDFXTXLQRV�GH�3RWRVt�GH������

� *(/0$1��-�'���´(O�JUDQ�FRPHUFLDQWH�\�HO�VHQWLGR�GH�OD�FLUFXODFLyQ�PRQHWDULD�HQ�HO�5tR�GH�OD�3ODWD�FRORQLDO�WDUGtRµ��5HYLVWD�GH�+LVWRULD�(FRQyPLFD��$xR�9��Q�����������SS�����������(Q�OD�S������KDFH�UHIHUHQFLD�D�TXH�HO�SDJR�D�DOJXQRV�FRPHUFLDQWHV�HQ�%XHQRV�$LUHV�\�OD�%DQGD�2ULHQWDO�GHEtD�KDFHUVH�HQ�FXHURV�� 6$*8,(5��(��5���´/D�FULVLV�DJUDULD��/D�HFRQRPtD�GH�7UXHTXH�GHO�/LWRUDO�5LRSODWHQVHµ�KWWS���ZZZ�HU�VDJXLHU�RUJ�REUDV�XGKLHODO�SGIV�7RPRB�����$*����SGI�� 7DPELpQ�VH�HVWXGLD�HQ�6$1=��9���´(O�FREUR�HQ�SHVRV�HQ�%XHQRV�$LUHV�D�ILQDOHV�GHO�VLJOR�;9,,,µ��$QXDULR�GHO�,QVWLWXWR�GH�+LVWRULD�$UJHQWLQD��������Q�����SS����������

%ROHWtQ�0DU]R������� 1~PHUR����� ,QVWLWXWR�8UXJXD\R�GH�1XPLVPiWLFD3iJLQD��� GH���

(Q� ����� HO� JREHUQDGRU� GH� %XHQRV� $LUHV�� %UXQR�0DXULFLR� GH� =DEDOD�� OHYDQWy� XQ� IXHUWH� IUHQWH� D� OD�DPHQD]D�GH�DVHQWDPLHQWR�GH�ORV�SRUWXJXHVHV��TXH�VH�SREOy�FRQ�FRORQRV�SURFHGHQWHV�GHVGH�%XH�QRV�$LUHV�\�&DQDULDV��(Q������VH�LQVWDOy�HO�SULPHU�FDELOGR�GH�0RQWHYLGHR��SHUR�IDOWDURQ�UHFXUVRV�SDUD�HPSUHQGHU� OD�VLVWHPiWLFD�FRORQL]DFLyQ�GH� OD�%DQGD�2ULHQWDO��0RQWHYLGHR�VH�WUDQVIRUPy�GXUDQWH� OD�FHQWXULD�HQ�HO�SXHUWR�GH�VDOLGD�\�OOHJDGD�GH�ORV�QDYtRV�GH�UHJLVWUR��DVt�FRPR�ORV�GH�ORV�EDUFRV�GH�OD�FDUUHUD�GHO�3DFtILFR��

(O�DxR������+HQULTXH�3HWLYHQLW��PLQHUDORJLVWD�H[WUDQMHUR�TXH�HVWDED�GH�SDVR�HQ�HO� WHUULWRULR�DO� LU�GH�FDPLQR�D�OD�&DVD�GH�0RQHGD�GH�3RWRVt��HQFRQWUy�HQ�HO�UtR�6DQ�)UDQFLVFR��D�YHLQWLFLQFR�OHJXDV�GH�0RQWHYLGHR��RUR��GLDPDQWHV�\� WRSDFLRV�� �(O�RUR�VH�KDOODED�PH]FODGR�FRQ�DUHQD��SRU� OR�TXH�GHEtD�EHQHILFLDUVH�FRQ�D]RJXH��7DPELpQ�VH�HQFRQWUDED�RUR�HQ�HO�DUUR\R�GH�6DQ�$QWRQLR�\�XQ�FHUUR�FHU�FDQR�DO�UtR�GH�6DQWD�/XFtD���

/D�PRQHGD�FLUFXODQWH�HQ�HO�WHUULWRULR�HUD�OD�DFXxDGD�HQ�ODV�FHFDV�SHUXDQDV��HVSHFLDOPHQWH�HQ�3R�WRVt��FRPR�PXHVWUD�HO�GRFXPHQWR�TXH�VH�YD�D�DQDOL]DU��6L�ELHQ�DOJXQRV�DXWRUHV�KDQ�GHIHQGLGR�TXH�FRQ� ODV� LQWHUPLWHQWHV�RFXSDFLRQHV�SRUWXJXHVDV�FLUFXODEDQ�HQ�HO� WHUULWRULR� ODV�PRQHGDV�GH����� UHLV��GHO�PLVPR�YDORU�TXH�ORV�SHVRV�IXHUWHV�HVSDxROHV���RWURV�VRQ�GH�OD�RSLQLyQ�GH�TXH�HO�QXPHUDULR�GH�SOD�WD�HQ�FLUFXODFLyQ�HQ�OD�3URYLQFLD�&LVSODWLQD�WUDV�VX�DQH[LyQ�HVWDUtD�FRPSXHVWR�GH�SDWDFRQHV�GH�OD�pSRFD�YLUUHLQDO��VLHQGR�XQR�GH�ORV�SULQFLSDOHV�SXQWRV�GH�HQWUDGD�GH�ORV�SHVRV�GXURV�SDUD�TXH�HQ�HO�%UDVLO�VH�UHDOL]DVHQ�HVRV�UHVHOORV��

��UHDOHV�GH�/LPD�GH������

$VLPLVPR��\�WUDV� OD�RFXSDFLyQ�GH�0RQWHYLGHR�SRU�ORV� LQJOHVHV��HQ�WLHPSRV�GH�-RUJH�,,,��FLUFXOy�WDP�ELpQ�VX�QXPHUDULR��FRPSXHVWR�SRU�ORV�IDUWKLQJV�\�SHQLTXHV�GH�FREUH��ORV�SHQLTXHV��FKHOLQHV�\�FRURQDV�GH�SODWD���\�OD�JXLQHD�\�VXV�GLYLVRUHV�GH�RUR��3HUR��HQ�WRGR�FDVR��OD�/H\�TXH�DXWRUL]y�OD�SULPHUD�HPL�VLyQ�GH�PRQHGD�GH�SODWD�GH�OH\�GH�GLH]�GLQHURV�\�PHGLR�HQ�IXHUWHV�\�PHGLRV�IXHUWHV��GH�IHFKD����GH�GLFLHPEUH�GH�������KL]R�HQ�VX�DUWtFXOR����UHIHUHQFLD�H[SUHVD�D�TXH�HO�SHVR�\�YDORU�GHO�IXHUWH�VHUtD�HO�

� )81(6��*���(QVD\R�GH�OD�+LVWRULD�&LYLO�GHO�3DUDJXD\��%XHQRV�$\UHV�\�7XFXPiQ��7�,,,��%XHQRV�$LUHV��������SS�����\�VV�� $&267$� <� /$5$�� 5�6��� 5HVHxD� +LVWyULFD� VREUH� ODV� 0RQHGDV� &LUFXODQWHV� HQ� HO� SDtV�� %DQFR� GH� OD� 5HS~EOLFD��KWWS���ZZZ�EURXQHW�FRP�X\

%ROHWtQ�0DU]R������� 1~PHUR����� ,QVWLWXWR�8UXJXD\R�GH�1XPLVPiWLFD3iJLQD��� GH���

GHO�GXUR�HVSDxRO���7RGDYtD�HQ�IHFKD�WDQ�WDUGtD�FRPR������6LU�5REHUW�&KDOPHUV�FLWDED�XQ�LQWHQWR�TXH�ILQDOPHQWH�QR�VH�OOHYy�D�WpUPLQR�GH�LPSRUWDU�SHVRV�IXHUWHV��6SDQLVK�GROODUV��GHVGH�0RQWHYLGHR�SDUD�DWHQGHU�HO�FLUFXODQWH�GH�ODV�LVODV�0DOYLQDV���

3ODQR�GH�0RQWHYLGHR�HQ������

/DV�0DOGLFLRQHV�GHO�9LFDULR�-RVHSK�1LFROiV�%DUUDOHV

(O�GtD����GH�VHSWLHPEUH�GH������-RVp�1LFROiV�%DUUDOHV��9LFDULR�-XH]�HFOHVLiVWLFR�GH�OD�FLXGDG�GH�6DQ�)HOLSH�GH�0RQWHYLGHR��HPLWLy�XQD�FDUWD�GH�&HQVXUDV�*HQHUDOHV�KDVWD� ODV�GH�DQDWHPD�SRU�HO� URER�SHUSHWUDGR�HQ�OD�WLHQGD��GH�+HQULTXH�*DUULGR��5HFLGHQWH�GH�HVWD�&LXG��\�GHO�&RPHUFLR�GH�HOOD��GH�XQ�$UFD�GH�9DUD�TXH�FRQWHQtD��VHJ~Q�VXV�PLVPDV�SDODEUDV���

6HWHFLHQWRV� SHVRV�� SRFR�PDV�� RPHQRV�� HQ� ODV� (VSHFLHV� GH� 0RQHGD� VLJXLHQWH� � VHLV� GREORQHV� GH�DRFKR�FROXPQDULRV� �VHWHQWD�SV��GREOHV��SRFR�PDV��RPHQRV�GHO�FXxR�GH�/LPD� �WUHFH�SHVRV�SRFR�PDV�RPHQRV�HQ�PRQHGD�VHQ]LOOD�GH�FRUGRQFLOOR� �DOJXQRV�5LDOHV�GHVWH�5H\QR��\�WRGR�OR�GHPDV�SODWD�GREOH�GHO�&XxR�GH�3RWRVt��

� $SHUWXUD�GH�OD�&DVD�GH�0RQHGD�1DFLRQDO�GH�OD�5HS~EOLFD�2ULHQWDO�GHO�8UXJXD\��FUHDGD�HQ�0RQWHYLGHR��GXUDQWH�HO�DVH�GLR�GH�HVWD�FDSLWDO�SRU�HO�(MpUFLWR�GH�5RVDV��0RQWHYLGHR��,PSUHQWD�GHO�1DFLRQDO��������SS�������� &KDOPHUV��5�� +LVWRU\ RI�FXUUHQF\�LQ�WKH�%ULWLVK�&RORQLHV��/RQGUHV��������S������� 0DOGLFLRQHV�GHO�9LFDULR�-RVHSK�1LFROiV�%DUUDOHV��HQ�(/,=$,1&Ì1��$���FRRUG���´%DQGD�2ULHQWDO��6LJOR�;9,,,µ��6HOHFFLyQ�\�WUDQV�FULSFLyQ�GH�WH[WRV�D�FDUJR�GH�9LUJLQLD�%HUWRORWWL��,JQDFLR�&DUERQHOO��0DULVD�0DOFXRUL�\�0DJGDOHQD�&ROO��5HYLVLyQ�GH�$GROIR�(OL]DLQFtQ��HQ�52-$6�0$<(5� ��(�0���FRPS��\�HG����'RFXPHQWRV�SDUD� OD�KLVWRULD� OLQJ�tVWLFD�GH�+LVSDQRDPpULFD��6LJORV�;9,�D�;9,,,��$QHMRV�GHO�%ROHWtQ�GH�OD�5HDO�$FDGHPLD�(VSDxROD��$QHMR�/;,��������������(O�RULJLQDO�VH�HQFXHQWUD�HQ�HO�$UFKLYR�GH�OD�&XULD��'RF��V�G���6H�SXHGH�FRQVXOWDU�HO�GRFXPHQWR�HQ�OD�GLUHFFLyQ�KWWS���ZZZ�KLVWRULDGHODVOHQJXDVHQXUXJXD\�HGX�X\�FRUSXV�SGI�GRFXPHQWRB����SGI

%ROHWtQ�0DU]R������� 1~PHUR����� ,QVWLWXWR�8UXJXD\R�GH�1XPLVPiWLFD3iJLQD��� GH���

'RV�UHDOHV�OLPHxRV�GH������

(O�URER�VH�KDEUtD�SURGXFLGR�VHJ~Q�HVWH�GRFXPHQWR��GH�OD�VLJXLHQWH�PDQHUD���

«�4XH�DODV�QXHEH��GHOD�QRFKH�SRFR�PDV��RPHQRV��GHO�GLD�VHLV�GHO�FRUULHQWH�VDOt�GH�Pt�WLHQGD�(VTXL�QD��TXH�WHQJR�HQIUHQWH�GHOD�&DSLOOD�GH�OD�6DQWLVLPD�&UX]�GHMDQGR�OD�3XHUWD�&HUUDGD�FRQ�OODYH�\�SD�Vp�D�OD�WLHQGD�GH�$QWRQLR�/DPDV�GRQGH�PH�PDQWXYH�KDVWD�ODV�GR]H�\�PHGLD�SRFRPDV�RPHQRV��TXH�YROYLHQGR�DPL�GKD�WLHQGD��\�PHWLHQGR�OD�OODYH�+DOOp��TXH�DXQTXH�OD�3XHUWD�HVWDYD�DMXVWDGD��HVWDYD�DELHUWD��\�OD�OX]��TXH�KDYLD�GHMDGR�>""@�YLD�DUGHU�HVWDYD�DSDJDGD��3RU�OR�TXH�SDVH�OXHJR�DOD�LQPH�GLDWD�*XDUGLD�GHO�3RUWRQ�D�EXVFDU�OX]��OD�TXH�WUDKLGD��\�UHFRQRFLGD�Pt�WLHQGD�KDOOp�TXH�PH�IDOWDYD�GH�HOOD�XQD�$UFD�GH�9DUD�GH�ODUJR�HQ�TXH�WHQLD�OD�&DQWLGDG�GH�6HWHFLHQWRV�SHVRV«

'LFKD�DUFD�IXH�HQFRQWUDGD�SRVWHULRUPHQWH���

«�&XLD�$UFD�IXH�KDOODGD�OD�PDxDQD�GHO�GLD�VLJXLHQWH�DELHUWD�SRU�HO�IRQGR�\�VLQ�OD�GKD�SODWD��\�RUR��HQ�OD�SOD]D�GH�OD�0DULQD�GHVWH�3XHUWR�PDV�DYDMR�GH�OD�&DVD�GH�OD�'LIXQWD�0DULD�$OPH\GD��<�$XQTXH�VREUH�GKR�5RYR�KH�HFKR�ODV�PDV�9LYDV�\�HVTXLVLWDV�GLOLJHQFLDV��QR�KH�SRGLGR�GHVFXEULU��QL�DYHULJXDU�HQ�PDQHUD�DOJXQD��TXLHQ�HV�D\DQ�VLGR�HO�IDFWRU�RIDFWRUHV�GHVWH�KHFKR��3RU�OR�TXH�QR�TXHGDQGRPH�RWUR�5HPHGLR�PDV�TXH�HO�GHODV�$UPDV�GH�QXHVWUD�6DQWD�0DGUH� ,JOHVLD��2FXUUR�D�HOOD�VXSOLFDQGR�D�9PG VH�VLUYD�0DQGDU�H[SHGLU� VX�&DUWD�GH�&HQVXUDV�*HQHUDOHV�KDVWD� ODV�GH�DQDWKHPD��FRQWUD� ORV�GKRV�/DGURQ��y�/DGURQHV��SDUD�YHU�VL�SRU�HVWH�PHGLR�SXHGD�5HFXSHUDU�OR�TXH�WDQ�LQMXVWDPHQWH��\�VLQ�WHPRU�GH�'LRV�PH�KDQ�5RYDGR�SRU�WDQWR��$�0G�SLGR�\�VXSOLFR��VH�VLUYD�0DQGDU�H[SHGLU�OD�GKD�&DUWD�GH�&HQVXUDV�*HQHUDOHV�KDVWD�ODV�GH�$QDWKHPD�DO�ILQ�5HIHULGR��SRU�VHU�DVt�GH�-XVWLFLD��-XUR�QR�SURFH�GHU�GH�0DOLFLD�VDFDU�>""@�(QUULTXH�*DUULGR� �3RU�SUHFHQWDGD�HQ�TXDQWR�KD� OXJDU�HQ�GUR��\�'HVSD�FKHVH�OD�&DUWD�GH�&HQVXUDV�*HQHUDOHV��TXH�HVWD�SDUWH�SLGH�HQ�OD�IRUPD�GLVSXHVWD�SRU�GUR���

/D�PDOGLFLyQ�HPLWLGD�IXH�WHUULEOH���

(O�6�RU�'��Q�-RVHSK�1LFRODV�%DUUDOHV�&XUD��9LFDULR��-XH]�(FOHVLDVWLFR�GH�HVWD�&LXGDG�GH�6�Q�3KH�GH�0RQ�WHYLGHR��\�VX�-XULVRQ�OR�0DQGR�HQ�HOOD��D�'LHV�GH�VHWLHPEUH�GH�PLO�VHWHFLHQWRV��VHVHQWD�\�WUHV�DxRV�GH�TXH�GR\�)HH� �'�U�%DUUDOHV� �$QWH�PL��&KULVWRYDO�3XJQRX��1RWDULR��3XEOLFR� �<SRU�TXH�HO�HQFXEULU�9LH�QHV�HQ� IUDXGH��\�GDxR�GH� ORV�DFUHKGRUHV� OHJLWLPRV�HVWD�SURKLYLGR�SRU� OD�GH�'LRV�QXHVWUR�6HxRU��2V�DPRQHVWR��\�PDQGR�HQ�9LUWXG�GH�6DQWD�REHGLHQFLD��\��VRSHQD�GH�([FRPXQLRQ�0D\RU�7ULQD�&DQRQL�FD�0RQLWLRQH�SXUH�SUHPLVD��TXH�GHQWUR�GH�VHLV�GLDV�GH�FRPR�HVWD�&DUWD�IXHUH�OHLGD��\�SXEOLFDGD�HQ�TXDOTXLHUD�GHODV�,JOHVLDV�GH�HVWD�&LXG�y�FRPR�GH�HOOD�VXSLHUHGHV�HQ�TXDOTXLHUD�PDQHUD��ORV�TXH�HQ�FXEULV��y�JXDUGDLV�OD�SODWD�FRQWKHQLGD�HQ�OD�UHIHULGD�3HWLFLRQ�y�VDYHLV�TXLHQ�WHQJD��\�HQFXEUD�HO�WR�GR��y�SDUWH�GH�HOOD��RFXOWD�� \�PDOLFLRVDP�WH� OR� WHQJDLV�GLFLHQGR�SUHFLVDPHQWH�DQWH�QRV�SDUD�TXH�GHVWH�PRGR� OD�SDUWH�SXHGD�KDYHU�\�H>""@� OR�TXH� OHJLWLPDPWH�VH� OH�GHYH��\�9RV� ODV�GKDV�SHUVRQDV�

%ROHWtQ�0DU]R������� 1~PHUR����� ,QVWLWXWR�8UXJXD\R�GH�1XPLVPiWLFD3iJLQD��� GH���

VDOJDLV�GHO�SHFDGR�PRUWDO�HQ�TXH�HVWDLV� �HQ�RWUD�PDQHUD�SDVDGR�HO�GKR�WHUPLQR�QR�OR�&XPSOLHQGR��KDYLGDV�DTXL�SRU�5HSHWLGDV�ODV�GKDV�&DQR�QLFDV�0RQLWLRQHV��RV�H[FRPXOJDPRV�HQ�HVWRV�VFULWRV��\�SRU�HOORV� �<�VL�SDVDGRV�RWURV�WUHV�GLDV�9RV�DV�GKDV�SHUVRQDV�QR�KDYLHUHGHV�FXPSOLGR�OR�TXH�GKR�KHV��RV�GHFODUDPRV�SRU�SXEOLFRV�H[FRPXOJDGRV�KDVWD�TXH�OR�D\DLV�&XPSOLGR��\�PHUHVFDLV�YHQHILFLR�GH�$E�VROXFLRQ��\�YHQJDLV�DRYLGLHQFLD�GH�QXHVWUD�6DQWD�0DGUH�,JOHVLD� �<VL�SDVDGRV�RWURV�WUHV�GLDV�GHVSXHV�GH�KDYHU�VLGR�DVL�GHFODUDGRV�SRU�WDOHV�H[FRPXOJDGRV�FRQ�DQLPR�HQGXUHFLGR�LPLWDQGR�OD�GXUH]D�GH�)DUDRQ�RV�GHMDUHGHV�HVWDU�HQ�OD�GKD��([FRPXQ�Q�\�&HQVXUDV��<SRU�TXH�&UHFLHQWH�OD�&XOSD�\�&RQWX�PDFLD��GHYH�FUHFHU�OD�SHQD��RV�DPRQHVWR��TXH�FRPR�FXUD�5HFWRU�TXH�VR\�GHVWD�3DUURTXLDO��TXH�DOD�0LVD� 0D\RU� ORV� 'RPLQJRV�� \� ILHVWDV� GH� JXDUGDU�� WHQLHQGR� XQD� &UX]� FXELHUWD� FRQ� XQ� 9HOR� 1HJUR��&DQGHODV�HQFHQGLGDV��\�XQ�D]HWUH�GH�DJXD��RV�DQDWKHPDWKLVDUH��\�PDOGLVDUp�FRQ�ODV�PDOGLFLRQHV�VL�JXLHQWHV��0DOGLWRV�VHDQ� ORV�GKRV�H[FRPXOJDGRV�GH�'LRV��\� VX�%HQGLWD�0DGUH�$PHQ� �+XHUIDQRV�VH�YHDQ� VXV� KLMRV� \� VXV� 0XJHUHV� 9LXGDV� $PHQ� � (O� VRO� VH� OHV� (VFXUHVFD� GH� GLD�� \� OD� /XQD� GH� 1RFKH�$PH> Q@�0HQGLJDQGR�DQGHQ�GH�3XHUWD�HQSXHUWD��\�QR�KDOOHQ�TXLHQ�9LHQ�OHV�KDJD�$PHQ� �/DV�3OD�JDV�TXH�HPELy�'LRV�VREUH�HO�5H\QR�GH�(JLSWR�9HQJDQ�VREUH�HOORV�$PHQ� �&RQ�ODV�GHPDV�0DOGLFLR�QHV�GHO� 3VDOPR��'HXV� ODXGHP�PHDP�QHWDFFLHULV�� <GLFKDV� ODV� 5HIHULGDV�0DOGLFLR�QHV�� /DQVDQGR� ODV�&DQGHODV�HQ�HO�$JXD�VH�GLUD��DVt�FRPR�HVWDV�&DQGHODV�0XHUHQ�HQ�HVWD�DJXD��DVt�PXHUDQ�ODV�$QLPDV�GH�ORV�GKRV�([FRPXOJDGRV�\�GHVFLHQGDQ�DO�,QILHUQR�FRQ�OD�GH�-XGDV�$SRVWDWD�$PHQ� �<QR�VH�GHMDUj�GH�DVt�&XPSOLU�KDVWD�TXH�RWUD�FRVD�VH�0DQGH��

2FKR�UHDOHV�GH�3RWRVt�GH������


Top Related